The securities allotment committee of the board of directors of Idea Cellular, at a meeting yesterday, approved a discount of Rs 2.98 a share on the floor price of Rs 136.98 for the issue, the company said in a filing to the BSE.

The offer, which opened on June 5, has been declared closed, according to the filing.

"In respect of the issue, the committee be and is hereby authorised to issue 22,38,80,597 equity shares at a price of Rs 134 per equity share (including a premium of Rs 124 per equity share) for an amount aggregating to Rs 30,000 million," the filing added.

Idea Cellular shares declined 0.82 per cent to Rs 145.25 at the close on the BSE.

The company is raising funds for upcoming spectrum auctions. Nine circles in which Idea Cellular holds spectrum in the premium 900 MHz band are coming up for renewal between December 2015 and April 2016.

The Telecom Regulatory Authority of India had recommended conducting spectrum auctions at least 18 months prior to the expiry of licences, a suggestion that was accepted by the Telecom Commission in 2012. The Commission is the highest decision-making body of the Department of Telecom.

At the end of April, Idea Cellular Chief Executive Officer Himanshu Kapania said the company board approved raising Rs 3,000 crore from institutional investors over the next 12 months.

The company plans to invest up to Rs 3,500 crore in the current financial year to build networks and launch 3G services in Delhi by next year.

Idea has been increasing its market share and last year overtook Reliance Communications to become the third-largest telco in India.

Its gross revenue grew by 17.3 per cent in FY 2014, almost double the wireless industry's growth rate.

"Despite higher network expansion and inflationary pressures, FY 2014 saw an annual EBITDA (earnings before interest, taxes, depreciation, and amortisation) growth of 37.5 per cent, making Idea the best performer among all the Indian telecom operators," the company had said.